Aggregated News From Investment Management Regulators

Public statement concerning Finchpay

Report/Flag

Please complete the required fields.



PUBLIC STATEMENT CONCERNING THE REVOCATION OF REGISTRATION UNDER SECTION 11(1)(a) OF THE DESIGNATED BUSINESSES (REGISTRATION AND OVERSIGHT) ACT 2015

FINCHPAY LIMITED (“FINCHPAY”)

1. Action

1.1. The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred upon it under section 27(1)(c) of the Designated Businesses (Registration and Oversight) Act 2015 (the “Act”).
1.2. The making of such public statement supports the Authority’s statutory objectives of, among other things, reducing financial crime.
1.3. Mr Richard Ian Kissack (“Mr Kissack”), a director and specified person as defined by section 3 of the Act, of Finchpay at all material times, has pleaded guilty to eight counts of VAT fraud and one count of VAT evasion, such offences having been committed by Mr Kissack between July 2011 and April 2019 (collectively, the “Offences” and each, an “Offence”). VAT fraud and VAT evasion are both criminal offences under section 72 of the Value Added Tax Act 1996.
1.4. Section 11 of the Act provides that the Authority may revoke a registration granted under the Act on a number of grounds including, but not limited to, that the Authority is not satisfied that the registered person or a specified person in relation to the registered person is a fit and proper person. The Offences are offences involving dishonesty. For this reason, pursuant to section 11(1)(a) of the Act, the Authority has therefore revoked the registration of Finchpay pursuant to the Act because it is not satisfied that Mr Kissack, is a fit and proper person. Therefore The Authority is not satisfied that Finchpay as the registered person, as defined in Section 3 of the Act, is fit and proper (the “Revocation”).

2. Background

Finchpay was a registered person within the meaning of the Act, it having registered with the Authority on 18 December 2015 under the Act to carry out the activities of an external accountant and a tax advisor. At all material times, Mr Kissack was a director of Finchpay.

3. Statement

The Authority is satisfied that the Revocation reflects the serious nature of the Offences admitted by Mr Kissack and that this public statement will encourage others to comply with their legal obligations. The Authority is satisfied that Finchpay recognises and accepts the failings.
In accordance with the Authority’s Enforcement Decision-Making Process (the “EDMP”), Finchpay entered into settlement discussions with the Authority and, having accepted the facts noted above, sought to finalise matters expeditiously.

4. Key Learning Points for Industry

  • In a previous public statement, issued by the Authority, the Authority explained that it would take seriously acts of dishonesty in assessing a person’s fit and proper status. This stance and position will be adopted and applied equally across the licenceholder community as well as to registered persons.
  • Any registered person which has its registration revoked can no longer undertake designated business in or from the Isle of Man. Following any such revocation, a person that contravenes section 7 of the Act is guilty of an offence.

This news item was originally published by the Isle of Man Financial Services Authority (IOMFSA IM). For more information, see the Source Link.

Regulator Information

Abbreviation: IOMFSA
Jurisdiction: Isle of Man

Recent Articles

Implications of Russia’s invasion of Ukraine on half-yearly financial reports

See the Public Statement published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

Movement In Island’s Deposit Base

Published on: 20 May 2022 Deposits (net of local inter-bank placings) with Isle of Man offices of Isle of Man licensed deposit takers Deposits increased by £0.96 billion (2.58%) to £38.

Streamlining the Process of Rights Issue

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

LCG.fit (Clone of FCA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Acadian-Asset.management (clone of FCA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Get the latest from Regulatory.News in your inbox!

×